“Petrol Prices Could Drop to ₦750 as Local Refineries Boost Production, Exchange Rate Expected to Stabilize – NIPSS DG”
The National Institute for Policy and Strategic Studies (NIPSS) has assured Nigerians that petrol prices will decline as the Dangote Refinery and other local refineries begin full operations.
Before the removal of fuel subsidies, petrol sold for under ₦200 per litre. However, prices have skyrocketed to around ₦930 per litre, depending on location.
Speaking on The Morning Brief on Channels Television, NIPSS Director-General Ayo Omotayo expressed confidence that relief is on the horizon. He explained that with the increased production from local refineries, including the Port Harcourt refinery, petrol prices could drop to around ₦750 per litre by the end of the year. He also projected a stabilisation of the exchange rate.
Omotayo acknowledged the financial strain on Nigerians but stressed that the long-term benefits of the subsidy removal outweigh the short-term hardships. He highlighted that Nigeria is on track to becoming a net exporter of refined petroleum, which will further stabilise prices and strengthen the economy.
To ease the burden, Omotayo noted that the government has introduced palliatives and urged Nigerians to adjust their spending as the country transitions to a more self-sufficient energy sector.
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